On 3/14 I posted,
In the post, I mentioned price is testing the level $160 once again currently, but anticipated price going deeper into the zone as there might not be any more buy orders at the $150-$160 level. I stated if price broke the $140 level, price was going to go down to $110, but didn't explain WHY???
NOTE: price did bounce at the $140 level on 3/18, but couldn't take out the sell orders at $180 (orange arrow).
The $110 level is a daily demand zone, but nested within a weekly demand zone. It's also low on the curve. Lastly the wicks in early Feb signify there is a significant amount of demand orders at this level. Price couldn't even get to the $110 level because there were buy orders sitting above the $110 level. This set up is a classic bear trap and at this level many traders will be picking up Litecoin at a discount.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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